{"id":284058,"date":"2023-08-04T16:05:50","date_gmt":"2023-08-04T21:05:50","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=284058"},"modified":"2023-08-04T16:05:50","modified_gmt":"2023-08-04T21:05:50","slug":"ballys-says-temporary-chicago-casino-to-open-in-september","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-says-temporary-chicago-casino-to-open-in-september\/","title":{"rendered":"Bally\u2019s Postpones Temporary Chicago Casino Debut to September"},"content":{"rendered":"

Bally\u2019s (NYSE: BALY) is again delaying the debut of its temporary Chicago casino, telling analysts and investors the venue is projected to open its doors in September.<\/p>\n

\"Medinah
The Medinah Temple, which will be home to Bally’s temporary Chicago casino. The gaming venue is expected to open in September. (Image: Friedman Properties)<\/figcaption><\/figure>\n

The Rhode Island-based regional casino operator made that announcement in conjunction with its second-quarter earnings report yesterday. Bally\u2019s plan to build a temporary casino at Medinah Temple<\/a> in Chicago\u2019s River North neighborhood was approved by the Illinois Gaming Board (IGB) in June, stoking hopes it could come online in July or August.<\/p>\n

Obviously we\u2019re a little delayed from what we communicated to you last time on opening,\u201d said Bally\u2019s CFO Marcus Glover on a Thursday conference call with analysts.<\/p><\/blockquote>\n

The Medinah Temple property will be used until the construction of the permanent venue is completed. Located at 600 N. Wabash Ave., the Temple has had multiple uses since being constructed 111 years ago, but has sat idle since 2020.<\/p>\n

Bally\u2019s Making Progress in Chicago\u2026Sort Of<\/h2>\n

The temporary casino is nearly ready to go. Gaming machines are installed and Bally\u2019s is working through testing of wagering operations, results of which must be presented to the city. Once that hurdle is cleared, it could pave the way for the venue to open.<\/p>\n

\n

The Medinah Temple venue is a prelude to the operator\u2019s $1.7 billion permanent integrated resort<\/a> in Chicago. The casino hotel, which is the first of its kind in the city and Bally\u2019s most expensive project to date, is expected to open in 2026. Its presence in the third-largest US city is viewed by analysts as a potential longer-ranging catalyst for Bally\u2019s and its shares.<\/p>\n<\/div>\n

\u201cBeyond 2024E, we believe EBITDAR growth should continue and significantly step up when BALY opens the ~$1.7bn Chicago CBD property in June 2026, which we currently assign as $1 of valuation, but it could be as high as $7 of value if successful,\u201d wrote Macquarie analyst Chad Beynon in a report to clients.<\/strong><\/p>\n

Bally\u2019s, City Need Plans to Advance<\/h2>\n

Owing to the precarious financial positions<\/a> of Chicago and Illinois, it behooves the city and the operator to see the temporary and permanent casinos come to life sooner than later. The jobs, and the income and corporate taxes created by the casino-hotel, are seen as essential revenue generators to a city and state grappling with some of the deepest public employee pension problems in the country.<\/p>\n

This year, the city is expected to receive $70 million from Bally\u2019s, including an upfront payment of $40 million. The gaming company forecast earnings of $15 million to $25 million from the temporary casino for the remainder of 2023, according to an investor presentation.<\/p>\n

Glover estimated that for the rest of 2023, the temporary Chicago casino could generate monthly earnings of $3.5 million to $5 million for Bally\u2019s with that forecast accelerating to $50 million to $60 million in 2024 when the venue is\u00a0 open for the entire year.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s (NYSE: BALY) is again delaying the debut of its temporary Chicago casino, telling analysts and investors the venue is projected to open its doors in September. The Rhode Island-based regional casino operator made that announcement in conjunction with its second-quarter earnings report yesterday. Bally\u2019s plan to build a temporary casino at Medinah Temple in […]<\/p>\n","protected":false},"author":46,"featured_media":213204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,86430,86438],"tags":[81897,86455,86457],"acf":[],"yoast_head":"\nBally's Says Temporary Chicago Casino To Open In September<\/title>\n<meta name=\"description\" content=\"Bally's temporary Chicago casino on pace to open in September.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-says-temporary-chicago-casino-to-open-in-september\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's Says Temporary Chicago Casino To Open In September\" \/>\n<meta property=\"og:description\" content=\"Bally's temporary Chicago casino on pace to open in September.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-says-temporary-chicago-casino-to-open-in-september\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-04T21:05:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/medinah-temple-600-n-wabash-01.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-says-temporary-chicago-casino-to-open-in-september\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-says-temporary-chicago-casino-to-open-in-september\/\",\"name\":\"Bally's Says Temporary Chicago Casino To Open In September\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-says-temporary-chicago-casino-to-open-in-september\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-says-temporary-chicago-casino-to-open-in-september\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/medinah-temple-600-n-wabash-01.jpeg\",\"datePublished\":\"2023-08-04T21:05:50+00:00\",\"dateModified\":\"2023-08-04T21:05:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally's temporary Chicago casino on pace to open in September.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-says-temporary-chicago-casino-to-open-in-september\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-says-temporary-chicago-casino-to-open-in-september\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-says-temporary-chicago-casino-to-open-in-september\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/medinah-temple-600-n-wabash-01.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/medinah-temple-600-n-wabash-01.jpeg\",\"width\":1200,\"height\":800,\"caption\":\"The Medinah Temple, which will be home to Bally's temporary Chicago casino. 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